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Commercial Insurance Should Include Errors and Omission Cover

Published: 01/03/10

There are different kinds of UK commercial insurance packages or policies that offer a variety of protections. Because most businesses have more than bad weather to protect against, these UK commercial insurance package policies should be considered necessary. Whether it is to protect your employees from injuries and disability, or to protect against customer negligence and wrongful death lawsuits, businesses need a variety of insurance policies to protect their assets.

Some insurance is required by law, such as public liability insurance and employers liability insurance policies. Even those kinds that aren’t required by law, such as errors and omissions insurance policies, should be considered a necessity when it comes to protecting your profits and company assets. Consider the recent case of the French-based company, Vivendi, previously known as Vivendi Universal.

Thousands of investors from England, the Netherlands, France and the United States filed the largest class action lawsuit of its kind and won a jury verdict that could amount to $9.3 billion dollars. The jury concluded that the company was responsible for misstatements or omissions that misled shareholders when the company was having financial troubles in 2001 and 2002. The company was close to bankruptcy but was able to reorganise and emerge from the financial problems successfully. Nonetheless, there has been a lengthy legal battle to defend the executives of the company, who were found innocent, while the company was found 100% liable for inflating the company’s stock at the time.

The court and jury found the company acted recklessly by inflating the value of the shares at the time. While the company’s attorneys intend to appeal the verdict, the appeal is expected to be a lengthy court battle. When you consider the amount of time it has been in court thus far, it is easy to see why insurance policies that cover these business scenarios are worth any premiums paid.